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Radical growth at the UAE’s economy in 2019 – Central Bank Report

  • February 25th, 2020

Central Bank specified that there is a growth of 2.9% in 2019 as compared to 1.7% in the last few years, in its fourth-quarter report.

The Central bank estimated to have grown by 2.9% in 2019 at overall real GDP and the growth is driven mainly in the oil sector. The non-hydrocarbon sector has an estimated 1.1% and the hydrocarbon sector has estimated 7.6% in 2019. Hydrocarbon has more significant growth as compare to non-hydrocarbon. There are two main reasons for these huge marginal evolutions in hydrocarbon are condensates and natural gas production.

The figures were also predicted on the basis of previous GDP growth in the third quarter. That’s how the growth rate of Central bank in 2019 is higher than the International Monetary Fund’s forecast announced in October 2019.

The economic growth of UAE improved in the fourth quarter of 2019, advancing from an increase in government expenditure and an increase in oil prices as well as robust concerts in labor and credit markets.
The top destination country for outward personal allowances during October-December 2019 was India (40.1 %), followed by Pakistan (9.9 %), Philippines (7.4 %), Egypt (5.9 %), the US (3.7 %) and the UK (3.6 %). The growth in the transfer of funds is in line with the increase in employment in the UAE during 2019.